国际英语新闻:Greek bailout talks end without settlement on pension cuts

ATHENS, Feb. 9 (Xinhua) -- After seven hours of negotiations, Greek leaders have agreed on almost all the austerity and reform measures in exchange for a bailout package. Yet one vital point remains unsettled, a statement from the prime minister's office said early Thursday.

The unsettled point concerns pension cuts, and was left to the following discussions between Prime Minister Lucas Papademos and the so-called troika of Greek's international lenders, namely the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB).

The dialogue with the troika is expected to complete the deal before the Eurogroup meeting scheduled for Thursday afternoon in Brussels.

At stake is a 130-billion-euro (172.56 billion U.S. dollars) loan offered by the troika, the second of its kind since May 2010, which is crucial to escape a bankruptcy that could have major repercussions across the eurozone and the global economy.

In return, Athens must accept conditions requiring big cuts in many Greeks' living standards, including pension cuts. Here, the talks hit snags, with the smallest member of the coalition, the far-right LAOS (Popular Orthodox Rally) party, disagreeing.

LAOS' President George Karatzaferis "expressed serious reservations (over the level of cuts to supplementary pensions)," the statement said.

Among the proposals the leaders have accepted is a monthly minimum wage cut by 22 percent, from 751 euros (994.32 dollars) to 586 euros (775.87 U.S. dollars).

The agreement comes after lengthy and tough talks with a delegation of European Union (EU)/IMF inspectors in Athens since last week, the result of which will determine whether Greece can pay off a big redemption payment due on March 20.

Greece has been in an economic recession since 2008. Despite financial aid from the EU, ECB and IMF in 2010, Greece is still buckling under the weight of its mounting debt, unable to repay it.

Given the dire situation, the trio of public creditors urged Greece's main political parties to implement tough reforms to maintain its fiscal balance as a precondition for the release of the second EU/IMF aid package.

The troika insisted that external aid would not be endless and that the Greek government should "assume responsibilities."

At the same time, Greek leaders face mounting pressure from citizens and labor unions, which staged a 24-hour general strike on Tuesday. There have been warnings that more may follow.

Adding to the messy domestic situation in Greece are the predictions of some observers that inside Papademos's coalition, differences will gradually emerge as the general election draws near. It's expected the parties will concentrate more of their effort on preparations for the election and, as a result, cause delays in the debt talks.